Shares of chipmakers rose after Bloomberg News reported on the move. Nvidia climbed 3.1%, and the Philadelphia Stock Exchange Semiconductor Index — a closely watched benchmark — gained 1.7%.

The Trump administration plans to repeal Biden-era chip curbs that were set to take effect later this month and expand limits on exports of American chips.

President Trump's plan to repeal Biden-era chip-export curbs could come as a relief for Nvidia and other chipmakers—but that could prove temporary, analysts warned.